By Admin 
Taxpayers can file ITR-U within 48 months of the end of the relevant assessment year. This means that the updated return for assessment year 2021-22 can be filed only till March 31, 2026. After this date the option to update the return of that year will not be available. For subsequent years, this window remains open for longer periods. For example, updated returns for AY 2025-26 can be filed by March 31, 2030. However, March 31 every year remains an important date because the longer the delay in filing the return, the greater the amount of additional tax to be paid.
Additional Tax Slab
- Within 12 months – payment of total tax and additional 25% interest
- Between 12 to 24 months – 50% additional payment of total tax and interest
- Between 24 to 36 months – 60% payment of total tax and interest
- Between 36 to 48 months – 70 percent payment of total tax and interest
- If you have not filed the original return, then under Section 234F, you will have to pay a late fee of Rs 5000 (if income is more than Rs 5 lakh) or Rs 1000 (if income is up to Rs 5 lakh).
Benefits of filing ITR-U
There are many benefits of filing ITR-U. Through this you can correct mistakes like your missed income (bank interest, dividend) or wrong tax rate. You remain in the safe zone by correcting your mistakes even before you receive a notice from the Income Tax Department. However, it is important to note here that ITR-U cannot be used to claim tax refund or increase the refund amount.
Also read:
31st March Deadline: Complete this work in 2-3 days, time is till 31st March; see list